Police in China Seize 600 Computers used in Bitcoin Mining in Tianjin

CNBC Report Claims

The northern Chinese city of Tianjin Police has been involved in seizing around 600 computers which were used in bitcoin mining. This was moments after the abnormal usage of electricity which then attracted the operator of the local grid. This is according to a report by CNBC on 25th April.

Therefore, the CNBC cites Xinhua which is a local media outlet which made reports of detailed information from the local police which explained that it was “largest power theft case in recent years,” and also that “eight high-power fans” had been seized.

Xinhua has not yet made reports the exact time when the equipment was confiscated. However, it is reportedly said that a total of five people were undergoing investigation and also another one had been detained.

Due to the cheap manufacture of hardware and also cheap electricity, China is considered a stalwart crypto mining superpower. According to a recent report which depicted the mining costs based in China, it showed that the costs were $3,172 per coin which can then offer the miners a significant return.

Additionally, in 2017, around 50% to 70% of bitcoin mining happened in China. However, this January, news was reported about the Peoples Bank of China (PBOC)’s intention to make sure that they roughen the regulatory oversight and also make sure that the power used in future mining is restricted.